Old Southern Bank seized, changes hands – US Financial
Category Finance, Insurance | Saturday, March 13th, 2010
Federal Deposit Insurance Corp
Old Southern Bank was closed late Friday by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corp. as receiver.
The FDIC said it has entered into a purchase and assumption agreement with Centennial Bank of Conway, Ark., to assume all deposits of Old Southern Bank.
The Orlando-based community bank, already under a 30-day notice from the federal Reserve to raise capital or sell itself to another financial institution, had $319.7 million in despoits in Central Florida as of Dec. 31, 2009.